ABOUT US  |  CONTACT US  |  RSS  |  ARCHIVE  |  2024-02-29  |  UPDATED: 1402/11/15 - 18:13:1 FA | AR | PS | EN
Formation of the Federalist Assembly of Afghanistan             Israel launches missile attack on outskirts of Damascus, killing Syrian civilians             íUK national scandalí: 20,000 mental health patients íraped, sexually assaultedí in NHS care             Three US troops killed, dozens injured in drone attack in Syria             Trump says NATO will not come to rescue if US attacked             Ukraine beset by $40m fraud in arms procurement amid war with Russia            US approves sale of F-16 jets to Turkey after Ankara ratifies Swedenís NATO membership             UNSC to meet to discuss ICJ ruling on Israeli genocide in Gaza             Taliban: Afghanistan Does Not Have Formal Border With Pakistan             Gazaís major health facility collapses amid Israeli attacks: MSF             Americans to redeploy nuclear weapons in UK amid fears of WW3             Biden makes history: 1st sitting US president sued for complicity in genocide             Trump walks out of courtroom during closing arguments of Carrollís attorney            US: 3 dead in shooting at Texas apartment complex            US-UK aggression against Yemen risks expansion of war: Iran            


DATE PUBLISHED: 1399/04/25 - 11:38:0
VISIT: 787
SHARE WITH YOUR FRIENDS

Virus-hit UK economy slumps almost 20% in lockdown


Ground markings are seen at the mock border of the United Kingdom and the European Union during the reopening of the íMini-Europeí theme park of small-scale models of European capitals and their landmarks, in Brussels on May 20, 2020. (Photo by AFP)

Britainís coronavirus-ravaged economy slumped almost one-fifth during the countryís lockdown and remained set for its sharpest decline in annual output for 300 years, official data showed Tuesday.

The Office for National Statistics (ONS) said gross domestic product plunged 19.1 percent in the three months to the end of May "as government restrictions on movement dramatically reduced economic activity."

The Office for Budget Responsibility, in charge of the governmentís economic forecasts, said the "UK is on track to record the largest decline in annual GDP for 300 years," estimating that the economy could shrink by as much as 14.3 percent in 2020.

The Bank of England had already forecast that the UK economy could have its sharpest annual contraction in centuries.

GDP output grew 1.8 percent in May from April as the government began to ease restrictions, particularly boosting construction and manufacturing.

Mayís data "is a disappointing first step on the road to recovery and suggests that hopes of a rapid rebound from the lockdown are wide of the mark," noted Capital Economics analyst Thomas Pugh.

"Indeed, the path to full economic recovery will probably be much longer than most people anticipate."

Four year recovery?

The UK economy remains about 24.5 percent below its size in February before the pandemic spread.

"Manufacturing and house-building showed signs of recovery as some businesses saw staff return to work," said Jonathan Athow, deputy national statistician at the ONS, in reference to the May data.

"Despite this, the economy was still a quarter smaller in May than in February, before the full effects of the pandemic struck.

"In the important services sector we saw some pick-up in retail, which saw record online sales.

"However, with lockdown restrictions remaining in place, many other services remained in the doldrums, with a number of areas seeing further declines," Athow added.

The OBR said in a worst-case scenario, British GDP would recover to pre-crisis levels only in the third quarter of 2024.

Britain has been one of the countries worst hit by the virus, with nearly 45,000 deaths from positive coronavirus cases, according to an official government tally.

Broader statistics taking into account suspected cases puts the death toll at more than 50,000.

Britain is in the final stages of rolling back nationwide coronavirus restrictions imposed on March 23.

Meanwhile facemasks are to become compulsory in shops and supermarkets in England from next week, the government said on Tuesday, in a U-turn on previous policy.


(Source: AFP)

LINK: https://www.ansarpress.com/english/19397


TAGS:






*
*

*



SEE ALSO

European support for Israel damaging energy security on the continent, report says


US needs to lift sanctions on Iranís oil for JCPOA to resume: UN chief


Shipping giants suspend journeys through Red Sea as Saudis voice concern


WFP launches emergency program to assist 600,000 Palestinians


US bans trade with 42 Chinese firms


Sanctions made Russiaís economy stronger: Putin


Germanyís economy headed for recession amid support for Ukraine


Saudi Arabia faces budget deficit after expectations of surplus


Billionaire investor Ray Dalio says Americaís growth is at risk of falling to zero


UK recession risk grows with cost-of-living crisis hitting businesses





VIEWED
MOST DISCUSSED




POLL

Modi, Merkel Discuss Afghanistan, Radicalisation And Terrorism

SEE RESULT


LAST NEWS

Federalism in Afghanistan: Opportunities and Challenges

Formation of the Federalist Assembly of Afghanistan

Israel launches missile attack on outskirts of Damascus, killing Syrian civilians

íUK national scandalí: 20,000 mental health patients íraped, sexually assaultedí in NHS care

Three US troops killed, dozens injured in drone attack in Syria

Trump says NATO will not come to rescue if US attacked

Ukraine beset by $40m fraud in arms procurement amid war with Russia

US approves sale of F-16 jets to Turkey after Ankara ratifies Swedenís NATO membership

UNSC to meet to discuss ICJ ruling on Israeli genocide in Gaza

Taliban: Afghanistan Does Not Have Formal Border With Pakistan

Gazaís major health facility collapses amid Israeli attacks: MSF

Americans to redeploy nuclear weapons in UK amid fears of WW3

Biden makes history: 1st sitting US president sued for complicity in genocide

Trump walks out of courtroom during closing arguments of Carrollís attorney

US: 3 dead in shooting at Texas apartment complex

US-UK aggression against Yemen risks expansion of war: Iran

Yemen directly hits US warship with ballistic missile

Hamas has self-reliantly opposed the three giant intelligence agencies of the world!

President Raeisi calls for UN reform, says body unable to end Gaza genocide

Pedram: The Abduction of Hazara and Tajik Women Recalls the Crimes of Abdur Rahman

Special envoys from G7 countries discuss Afghanistan in London meeting

Turkish lawmakers open debate over Swedenís NATO membership

UN agency says over half a million Palestinians face Ďcatastrophic hungerí in Gaza

Palestinian Islamic Jihad: Al-Maghazi operation proved defeat of Israeli regime in Gaza war

European support for Israel damaging energy security on the continent, report says

Pakistan Army Kills Seven ĎTerroristsí Near Afghan Border

Israel kills at least 190 people in Khan Younis in 24 hours

UNAMA report: 49 Hazara community members killed in Afghanistan in three months

Indiaís Modi inaugurates Hindu temple on site of razed mosque ahead of elections

US 2024 election: DeSantis drops out of Republican presidential race, backs Trump

Survivors of Russian charter flight crash transferred to Kabul

Iranís anti-terror strikes Ďclear messageí to certain recipients: Foreign Ministry

Ethnic mass killings in one Sudan city last year left up to 15,000 dead: UN report

Iran says reserves right to avenge Israelís assassination of IRGC advisors

Rocket barrage targets Ain al-Asad base housing US forces in western Iraq

Lebanese media: Israeli drone kills 2 Hamas members in southern Lebanon

Five IRGC advisors assassinated in Israeli aggression on Syria

Pakistan recalls ambassador from Tehran

Iraqi PM stresses to NATO chief ending of foreign troops

UN chief reiterates call for immediate ceasefire in Gaza


MEDICAL NEWS


ANSAR PRESS ©  |  ABOUT US  |  CONTACT US  |  MOBILE VERSION  |  LINKS  |  DESIGN: Negah Network Co.
All right reserved. Use this website by mentioning the source (link) is allowed. ›—ś‘ź«Ś «یš —š ی šŕŠ»šŌ«š